Valued from $85,000 to over $800,000, Homes Will Be Auctioned November 12-18 in San Jose, Kelseyville, Modesto, San Francisco Bay Area, Sacramento & Stockton
SAN FRANCISCO, Nov. 1 /PRNewswire-USNewswire/ — Foreclosures are exploding in California, fueling the state’s real estate meltdown and earning it the unwanted title of one of the top foreclosure states in the nation. But the forecast for California’s real estate market isn’t all bad. Buyers, who were shut out of the market in previous years because of escalating home prices, now find themselves engulfed with choices of discounted property, particularly at foreclosed real estate auctions.
America’s largest foreclosed real estate auction firm, Hudson & Marshall, will auction about 600 foreclosed homes in cities throughout Northern California on November 12-18. Over 200 homes are located in the San Francisco Bay area another 200 plus in Sacramento. These properties have been foreclosed up by the banks and are empty.
Valued from $85,000 to over $800,000, the homes are owned by national lenders and asset management companies. Every home will be open for inspection on
November 10th and 11th from 1:00-3:00pm or by making an appointment with the listing agent. Complete property listings and auction details may be found at www.hudsonandmarshall.com.
“If investors or owner occupant buyers are willing to hold their properties for awhile, until the market rebounds, now is a great time buy,” said Dave Webb, principal Hudson & Marshall. “In a soft real estate market, foreclosed real estate auctions provide buyers with a great avenue for purchasing property at even greater discounts. Our sellers also offer clean titles on every property and we close in 30 days,” added Webb.
The explosion of foreclosures nationwide is being driven largely by the high default rate of subprime adjustable rate mortgages (ARMs) issued to borrowers over the past two years. Issued to borrowers with poor credit, these loans initially offer low teaser rates that soar after two or three years, making the loans unaffordable for many borrowers, who go into default.
California is experiencing an acute foreclosure problem, ranking among the top three states in the nation. According to Realtytrac(R), Merced, CA documented the highest metro foreclosure rate in the nation — one foreclosure filing for every 68 households — followed Modesto, Stockton and Riverside/San Bernardino, which earned the second, third and fourth spots respectively. Sacramento ranked number ten.
Hudson & Marshall will auction the Northern California foreclosed homes on the following dates and locations: November 12 in Kelseyville; November 13 in San Jose Area; November 14 in Modesto; November 15 in Stockton; November 16 & 17 in the Bay Area; and November 18 in Sacramento. There are no minimum starting bids and buyers can register on site the day of the auction.
Winning bidders will be required to make a down payment of 5% of the property’s total selling price or $2500, whichever is greater and all sales close in 30 days. All homes are sold “as is” and buyers should not bid on any property they haven’t seen. Prior to the auction, perspective buyers may also place bids online at HYPERLINK “http://www.hudsonandmarshall.com/” www.hudsonandmarshall.com by clicking “Bid Now” and will usually receive a response from sellers within 24 hours.
While this is a reserve auction, where sellers have the right to accept or reject any bid, in past auctions conducted by Hudson & Marshall, over 90% of bids were accepted. Having sold over 50,000 homes in the past eight years through auction, Hudson & Marshall is the experienced leader in the REO auction business.
About Hudson & Marshall of Texas Inc.
H&M is America's Premier Auction Authority. Our 38-year history combined with our continued process enhancements have allowed us to become one of the largest and most respected real estate auction firms in the United States. H&M has set the standard as a full service auction company and continues to consistently raise the bar for our industry. Our number one priority is to provide top-quality service to our customers. Buyers know they can count on H&M to provide value and service from the initial property offering through the closing process. This same approach provides sellers with a one stop single solution to the disposition of real estate assets. Sellers particularly appreciate H&M's streamlined approach that handles their assets from marketing through closing and funding. The H&M process allows the seller to minimize expenses and maximize return. H&M has assisted clients ranging from individuals to large, medium, and small corporations, government agencies, and financial institutions. Recently, H&M has sold and closed over 40,000 homes throughout the country. See more about H&M at www.hudsonandmarshall.com.
SOURCE Hudson & Marshall of Texas Inc.
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